Le Socialiste
29th July 2012, 02:08
Britain is mired in its second official recession since the global financial meltdown of the autumn of 2008.
In May, the British economy entered a “double-dip” recession for the first since the 1970s.
Figures released by the UK Office for National Statistics (ONS) show the economy shrank by a larger-than-expected 0.7 percent in the second quarter of the year. This was the third successive quarter of negative economic growth and was far higher than the forecast drop of 0.2 percent. It follows a decline of 0.3 percent recorded in the first three months of 2012.
The ONS figures are a first estimate and will be revised but still confirm that the UK is in the longest double-dip recession since quarterly records began in 1955. It is also the longest period of recession since the Second World War.
http://www.wsws.org/articles/2012/jul2012/ukec-j28.shtml
Britain's longest double-dip recession for more than 50 years will be confirmed in official figures out on Wednesday.
Gross domestic product (GDP) – a broad measure for the total economy – is forecast to have shrunk by around 0.2% between April and June in its third straight quarter of contraction.
That would mark the longest double-dip recession since quarterly records began in 1955 and is believed to be the worst since the second world war.
The last double-dip recession was in the 1970s when the economy was hamstrung amid soaring oil prices and a miners' strike, but that only lasted two quarters.
The latest decline is set to have been worsened by the extra bank holiday surrounding the Queen's diamond jubilee and record rainfall in April and June.
http://www.guardian.co.uk/business/2012/jul/25/gdp-figures-recession-50-years?newsfeed=true
In May, the British economy entered a “double-dip” recession for the first since the 1970s.
Figures released by the UK Office for National Statistics (ONS) show the economy shrank by a larger-than-expected 0.7 percent in the second quarter of the year. This was the third successive quarter of negative economic growth and was far higher than the forecast drop of 0.2 percent. It follows a decline of 0.3 percent recorded in the first three months of 2012.
The ONS figures are a first estimate and will be revised but still confirm that the UK is in the longest double-dip recession since quarterly records began in 1955. It is also the longest period of recession since the Second World War.
http://www.wsws.org/articles/2012/jul2012/ukec-j28.shtml
Britain's longest double-dip recession for more than 50 years will be confirmed in official figures out on Wednesday.
Gross domestic product (GDP) – a broad measure for the total economy – is forecast to have shrunk by around 0.2% between April and June in its third straight quarter of contraction.
That would mark the longest double-dip recession since quarterly records began in 1955 and is believed to be the worst since the second world war.
The last double-dip recession was in the 1970s when the economy was hamstrung amid soaring oil prices and a miners' strike, but that only lasted two quarters.
The latest decline is set to have been worsened by the extra bank holiday surrounding the Queen's diamond jubilee and record rainfall in April and June.
http://www.guardian.co.uk/business/2012/jul/25/gdp-figures-recession-50-years?newsfeed=true